In which of the following types of accounts are decreases recorded by credits?
A) liabilities
B) owner's equity
C) assets
D) revenues

Name: In which of the following types of accounts are decreases recorded by credits? A) liabilities B) owner's equity C) assets D) revenues
Brand: Quizplus
Rating: 4.8 (38 reviews)

Question

Quizplus · Accepted Answer

Decreases in assets are recorded by credits because assets have a normal debit balance. Credits decrease the balance of asset accounts.

In Which of the Following Types of Accounts Are Decreases